GBP/USD retreats from weekly R1

The resistance at 1.6240 keeps on denying the Cable access to higher levels, such as 1.6313/1.6288, where the upper trend-line of the rising channel stands, and 1.6456/1.6390, which is mainly formed by the January high and the monthly R1. Accordingly, there is a viable possibility of the Sterling descending from here down to one of the nearest supports (1.6098) and afterwards making another attempt to rally.

The bears preserve their dominant position on GBP/USD by taking up 73% of the market (74% yesterday). Apparently, they believe the bullish momentum that was commenced at the beginning of August is already exhausted and will be unable to push the price any higher.